Unit 3&4 Micro - Assignment Example

When talking about taxes levied on products known as sales tax, there are various sources that can levy tax other than state governments such as cities, counties, and district governments. Although the amount vary from one state to other and one locality to the other, it is…

Extract of sample "Unit 3&4 Micro"

Running head: Macro and Micro-Economics High Tax on Goods, High Level of Imported Goods, and Externality High Taxes on Products When talking about taxes levied on products known as sales tax, there are various sources that can levy tax other than state governments such as cities, counties, and district governments. Although the amount vary from one state to other and one locality to the other, it is possible to stay consumers could be carrying a considerable burden of sales tax at check-out registers based on the locality they are living in. The highest recorded sales tax in the US exists in Alabama where two localities, Birmingham and Montgomery charge 10%. Next comes cities such as Chicago, Glendale located in Arizona, and Seattle in Washington that charge 9.5% at the checkout register. The lowest sales tax in the US is 4.5% in Hawaii and Portland, Oregon, while Anchorage in Alaska does not have any kind of sales tax. What this shows is the rest of the country could pay between 4.5 and 10% showing that sales tax is only part the overall tax structure where, for example, states such as Washington has a sales tax, but it does not have income tax. The table in the appendix shows what kind of sales tax Americans living in the various states are paying showing that the average tax rate could approach 8% and could be considered high (Tax Foundation, 2012).Do We Have too many Imported Goods in Our Economy?It is possible to say there are based on the amount the US imports, when compared to the other G8 countries.BillionsUSA$1,150 Germany 480UK330France304Japan292China269Italy238Canada229Another indicator to look at might be the US had $558 billion trade deficit with the outside world in 2011 showing that the nation is importing more than it is exporting that reveals there could be foreign made goods flooding the US market. The deficit with China alone accused of flooding the US market with goods made using cheap labor was at $295.5 billion in 1911. Other sign that Americans are buying more foreign made goods is the manufacturing jobs in the US are disappearing where in 10 years alone 5 million manufacturing jobs might have disappeared. The trade imbalance the US had that was 7 times more than any other nation shows that the American consumers are buying foreign goods more than any other nation. Buying foreign goods hits hard on the local manufacturing where in the US alone, on average 15 manufacturing facilities were closing everyday for the last ten years showing that imported goods had replaced goods produced by such manufacturers. The outcome of heavily relying on foreign made goods had been that at least more than 41% of working age Americans do not have decent jobs, while the majority of new created jobs are low-tech and low-paying. When looking at figures like this it is possible to say that there are many imported goods in the US economy, to the point where they had damaged the local economy to a good extent (Economic Collapse).An Example of an ExternalitySince externalities are incidental outcomes others get while one party is engaged in any kind of economic activity, they could be negative or positive and those who are affected by the outcome might not have direct control over them. One example to cite is making online payments that could have both positive and negative externality. It could make the process easy and secure for buyers and sellers, since it eliminates the time involved until the payment reaches the right party through checks besieged by delays and uncertainty. Its outright positive impact could enable banks to bring down their expenses by laying off staff who were responsible to process the checks, which is a positive externality to the bank. At the same time, some business such as software companies and hardware manufacturers would have a new opportunity that they did not have before. REFRENCESHuston Chronicle, Examples of Externalities in a Market, Available on the Web at, smallbusiness.chron.com/examples-externalities-market-26085.htmlTax Foundation (2012) Sales Tax Rates in Major U.S. Cities) Available online at, taxfoundation.org/article/sales-tax-rates-major-us-cities The Economic Collapse, 55 Reasons Why You should Buy Products Made in America, Available on the Web, theeconomiccollapseblog.com/.../55-reasons-why-you-should-buy-products-that-are-made-in-america-this-holiday-season APPENDIXCityStateState RateLocal RateTotal RateRankBirmingham (a)Alabama4.0%6.0%10.0%1MontgomeryAlabama4.0%6.0%10.0%1ChicagoIllinois6.25%3.25%9.5%3GlendaleArizona6.6%2.9%9.5%3SeattleWashington6.5%3.0%9.5%3PhoenixArizona6.6%2.7%9.3%6MemphisTennessee7.0%2.25%9.25%7NashvilleTennessee7.0%2.25%9.25%7TucsonArizona6.6%2.5%9.1%9MesaArizona6.6%2.45%9.05%10Baton RougeLouisiana4.0%5.0%9.0%11New Orleans (b)Louisiana4.0%5.0%9.0%11ScottsdaleArizona6.6%2.35%8.95%13New YorkNew York4.0%4.875%8.875%14ChandlerArizona6.6%2.2%8.8%15GilbertArizona6.6%2.2%8.8%15BuffaloNew York4.0%4.75%8.75%17Fremont (c)California7.25%1.5%8.75%17Long Beach (c)California7.25%1.5%8.75%17Los Angeles (c)California7.25%1.5%8.75%17Oakland (c)California7.25%1.5%8.75%17SpokaneWashington6.5%2.2%8.7%22TulsaOklahoma4.5%4.017%8.517%23San Francisco (c)California7.25%1.25%8.5%24Saint LouisMissouri4.225%4.266%8.491%25Oklahoma CityOklahoma4.5%3.875%8.375%26Austin (d)Texas6.25%2.0%8.25%27Corpus ChristiTexas6.25%2.0%8.25%27DallasTexas6.25%2.0%8.25%27El PasoTexas6.25%2.0%8.25%27Fort WorthTexas6.25%2.0%8.25%27GarlandTexas6.25%2.0%8.25%27HoustonTexas6.25%2.0%8.25%27IrvingTexas6.25%2.0%8.25%27LaredoTexas6.25%2.0%8.25%27LubbockTexas6.25%2.0%8.25%27PlanoTexas6.25%2.0%8.25%27San Jose (c)California7.25%1.0%8.25%27San AntonioTexas6.25%1.875%8.125%39HendersonNevada6.85%1.25%8.1%40Las VegasNevada6.85%1.25%8.1%40North Las VegasNevada6.85%1.25%8.1%40ArlingtonTexas6.25%1.75%8.0%43AtlantaGeorgia4.0%4.0%8.0%43Aurora (e)Colorado2.9%5.1%8.0%43PhiladelphiaPennsylvania6.0%2.0%8.0%43RochesterNew York4.0%4.0%8.0%43San Bernardino (c)California7.25%0.75%8.0%43Stockton (c)California7.25%0.75%8.0%43Fresno (c)California7.25%0.725%7.975%50Kansas City (f)Missouri4.225%3.625%7.85%51MinneapolisMinnesota6.875%0.9%7.775%52Anaheim (c)California7.25%0.5%7.75%53Chula Vista (c)California7.25%0.5%7.75%53ClevelandOhio5.5%2.25%7.75%53Irvine (c)California7.25%0.5%7.75%53Riverside (c)California7.25%0.5%7.75%53Sacramento (c)California7.25%0.5%7.75%53San Diego (c)California7.25%0.5%7.75%53Santa Ana (c)California7.25%0.5%7.75%53RenoNevada6.85%0.875%7.725%61Saint PaulMinnesota6.875%0.75%7.625%62DenverColorado2.9%4.72%7.62%63Colorado SpringsColorado2.9%4.5%7.4%64Modesto (c)California7.25%0.125%7.375%65WichitaKansas6.3%1.0%7.3%66CharlotteNorth Carolina4.75%2.5%7.25%67Bakersfield (c)California7.25%0.0%7.25%67DurhamNorth Carolina4.75%2.25%7.0%69FayettevilleNorth Carolina4.75%2.25%7.0%69Fort WayneIndiana7.0%0.0%7.0%69IndianapolisIndiana7.0%0.0%7.0%69Jersey CityNew Jersey7.0%0.0%7.0%69LincolnNebraska5.5%1.5%7.0%69NewarkNew Jersey7.0%0.0%7.0%69Omaha (g)Nebraska5.5%1.5%7.0%69HialeahFlorida6.0%1.0%7.0%69JacksonvilleFlorida6.0%1.0%7.0%69MiamiFlorida6.0%1.0%7.0%69PittsburghPennsylvania6.0%1.0%7.0%69Saint PetersburgFlorida6.0%1.0%7.0%69TampaFlorida6.0%1.0%7.0%69Albuquerque (h)New Mexico5.125%1.8745%6.9995%83Columbus (i)Ohio5.5%1.25%6.75%84GreensboroNorth Carolina4.75%2.0%6.75%84RaleighNorth Carolina4.75%2.0%6.75%84ToledoOhio5.5%1.25%6.75%84Winston-SalemNorth Carolina4.75%2.0%6.75%84CincinnatiOhio5.5%1.0%6.5%89OrlandoFlorida6.0%0.5%6.5%89BostonMassachusetts6.25%0.0%6.25%91BaltimoreMaryland6.0%0.0%6.0%92BoiseIdaho6.0%0.0%6.0%92Des MoinesIowa6.0%0.0%6.0%92DetroitMichigan6.0%0.0%6.0%92LexingtonKentucky6.0%0.0%6.0%92LouisvilleKentucky6.0%0.0%6.0%92WashingtonDistrict of Columbia6.0%0.0%6.0%92MilwaukeeWisconsin5.0%0.6%5.6%99MadisonWisconsin5.0%0.5%5.5%100Arlington (c), (j)Virginia5.0%0.0%5.0%101Chesapeake (c)Virginia5.0%0.0%5.0%101NorfolkVirginia5.0%0.0%5.0%101Richmond (c)Virginia5.0%0.0%5.0%101Virginia Beach (c)Virginia5.0%0.0%5.0%101Honolulu (h), (k)Hawaii4.0%0.5%4.5%106AnchorageAlaska0.0%0.0%0.0%107PortlandOregon0.0%0.0%0.0%107
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